Tradeweb Markets Inc. (TW) Spending and interest coverage
- R&D / revenue · 12 months: Value (m); Formula and calculation Research and development expense / revenue. Period ending 2026-06-30..
- Stock-based compensation / revenue · 12 months: Value 4.95%; Formula and calculation Share-based compensation / revenue. Period ending 2026-06-30..
- Interest coverage · 12 months: Value (m); Formula and calculation Estimated: average term debt × dated USD coupon proxy + average commercial paper × matching-currency disclosed rate at or before period end. Swaps, foreign-exchange, lease interest and amortization are not quantified..
Spending and interest coverage
Overview →Financial period ending 2026-06-30; current quote (m). Amounts retain their stated periods and units.
| Metric | Value | Formula and calculation |
|---|---|---|
| R&D / revenue · 12 months | (m) | Research and development expense / revenue. Period ending 2026-06-30. Calculation unavailable: missing inputs remain (m). |
| Stock-based compensation / revenue · 12 months | 4.95% | Share-based compensation / revenue. Period ending 2026-06-30. $109.31M ÷ $2.21B × 100 ≈ 4.95% |
| Interest coverage · 12 months | (m) | Estimated: average term debt × dated USD coupon proxy + average commercial paper × matching-currency disclosed rate at or before period end. Swaps, foreign-exchange, lease interest and amortization are not quantified. Calculation unavailable: missing inputs remain (m). |
Calculation inputs
| Input | Amount with unit | Raw financial data |
|---|---|---|
| Research and development spending | (m) | |
| Revenue | 2.21B USD | Revenue from Contract with Customer, Excluding Assessed Tax |
| Stock-based compensation | 109.31M USD | Share-based Payment Arrangement, Noncash Expense |
| Operating income | 963.90M USD | Operating Income (Loss) |
| Interest expense · reported / estimated | (m) | Interest Expense · Estimated expense assumptions |
Latest interest expense basis: (m). Estimated values carry *; expand each history row’s basis for its dated balances and rate assumptions.
Calculated history
Changes compare with the next older row (previous quarter), unless explicitly labeled otherwise. Rolling 12-month growth compares two successive quarter-end rolling totals; it is not year-over-year growth.
| Period ending | Research and development spending (USD) | Revenue (USD) | Stock-based compensation (USD) | Operating income (USD) | Interest expense · reported / estimated (USD) | R&D / revenue | SBC / revenue | Interest coverage | Interest expense basis |
|---|---|---|---|---|---|---|---|---|---|
| 2026-06-30 | (m) | $2.21B | $109.31M | $963.90M | (m) | (m) | 4.95% | (m) | (m) |
| 2026-03-31 | (m) | $2.16B | $106.41M | $918.49M | (m) | (m) | 4.93% | (m) | (m) |
| 2025-12-31 | (m) | $2.05B | $103.54M | $835.34M | (m) | (m) | 5.04% | (m) | (m) |
| 2025-09-30 | (m) | $1.99B | $98.59M | $802.87M | (m) | (m) | 4.94% | (m) | (m) |
| 2025-06-30 | (m) | $1.93B | $98.63M | $751.81M | (m) | (m) | 5.10% | (m) | (m) |
| 2025-03-31 | (m) | $1.83B | $95.43M | $714.45M | (m) | (m) | 5.22% | (m) | (m) |
| 2024-12-31 | (m) | $1.73B | $89.65M | $678.03M | (m) | (m) | 5.19% | (m) | (m) |
| 2024-09-30 | (m) | $1.63B | $86.74M | $631.12M | (m) | (m) | 5.31% | (m) | (m) |
| 2024-06-30 | (m) | $1.51B | $77.92M | $596.54M | (m) | (m) | 5.15% | (m) | (m) |
| 2024-03-31 | (m) | $1.42B | $69.92M | $550.38M | (m) | (m) | 4.93% | (m) | (m) |
| 2023-12-31 | (m) | $1.34B | $65.13M | $505.27M | (m) | (m) | 4.87% | (m) | (m) |
| 2023-09-30 | (m) | $1.26B | $61.88M | $455.19M | (m) | (m) | 4.91% | (m) | (m) |
| 2023-06-30 | (m) | $1.22B | $59.29M | $433.26M | (m) | (m) | 4.86% | (m) | (m) |
| 2023-03-31 | (m) | $1.21B | $64.54M | $423.54M | (m) | (m) | 5.35% | (m) | (m) |
| 2022-12-31 | (m) | $1.19B | $66.64M | $412.57M | (m) | (m) | 5.61% | (m) | (m) |
| 2022-09-30 | (m) | $1.17B | $64.43M | $412.20M | (m) | (m) | 5.49% | (m) | (m) |
| 2022-06-30 | (m) | $1.15B | $63.45M | $394.92M | (m) | (m) | 5.51% | (m) | (m) |
| 2022-03-31 | (m) | $1.11B | $54.90M | $372.10M | (m) | (m) | 4.93% | (m) | (m) |
| 2021-12-31 | (m) | $1.08B | $51.94M | $358.83M | (m) | (m) | 4.83% | (m) | (m) |
| 2021-09-30 | (m) | $1.03B | $48.16M | $339.23M | (m) | (m) | 4.66% | (m) | (m) |
| 2021-06-30 | (m) | $980.18M | $44.14M | $312.22M | (m) | (m) | 4.50% | (m) | (m) |
| 2021-03-31 | (m) | $931.45M | $42.08M | $284.07M | (m) | (m) | 4.52% | (m) | (m) |
| 2020-12-31 | (m) | $892.66M | $39.29M | $263.36M | (m) | (m) | 4.40% | (m) | (m) |
| 2020-09-30 | (m) | $856.89M | $36.81M | $246.10M | (m) | (m) | 4.30% | (m) | (m) |
| 2020-06-30 | (m) | $845.00M | $36.18M | $245.84M | (m) | (m) | 4.28% | (m) | (m) |
| 2020-03-31 | (m) | $823.38M | $53.12M | $221.16M | (m) | (m) | 6.45% | (m) | (m) |
| 2019-12-31 | (m) | $775.57M | $49.82M | $189.82M | (m) | (m) | 6.42% | (m) | (m) |
| 2019-09-30 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2019-06-30 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2019-03-31 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2018-12-31 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2018-09-30 | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) | (m) |
| 2017-12-31 | (m) | $562.97M | (m) | $89.09M | (m) | (m) | (m) | (m) | (m) |
(m) means missing inputs. Historical market-based ratios use the saved close on or immediately before period ending and that period’s reported shares; current quotes are not substituted. Five-year projections repeat historical CAGR, not analyst forecasts.